The NSW Government will draw on the expertise of a broader range of leading Australian and international banks after signing contracts with Westpac Banking Corporation (Westpac), Australia & New Zealand Banking Group (ANZ) and Citigroup (Citi) on 13 December 2018.
The banking services contracts cover all Government transactions including payments, receipts, cross-border banking and purchasing cards.
The new multi-provider operating model is designed to ensure we leverage emerging market capabilities with Westpac and ANZ providing core banking and payments services and Citigroup providing purchasing cards.
The contracts are expected to save up to $5 million each year in fees and charges.
The three-year contracts will commence in April 2019 with the opportunity available for parties to extend the agreement by up to three years.
NSW Treasury Secretary Michael Pratt said the new contracts were an excellent outcome for the State.
“The new contracts set up a platform for the NSW Government to execute its long-term banking and payment strategy by allowing us to tap into the expertise of a broader range of leading Australian and international banks,” he said.
By volume, the NSW Government’s banking transactions are believed to be the largest in the country.
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